Riyadh, Saudi Arabia — In a landmark move to support the burgeoning Uzbek economy, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a Shariah-based multilateral insurer and member of the Islamic Development Bank (IsDB) Group, has entered into a significant cooperation agreement with Joint Stock Commercial Bank Agrobank and Standard Chartered Bank. This collaboration was formally announced at the IsDB Group Annual Meeting 2024, held  in Riyadh.

The agreement, signed by ICIEC CEO Mr. Oussama Kaissi and Mr. Azamet Turaev, Deputy Chairman, Agrobank and Mr. Mazen Bunyan, CEO Saudi Arabia, Standard Chartered Bank, commits to exploring a long-term financing partnership designed to bolster economic development in Uzbekistan. It entails providing financing upwards of EUR 150 million, plus transaction costs, aimed at enhancing JSCB Agrobank’s capabilities to offer new Islamic financing products to its retail and other customers.

ICIEC CEO, Mr. Oussama Kaissi, announced that “the agreement represents a significant advancement in promoting economic growth and financial inclusivity through the use of Islamic finance. By combining their expertise and resources, ICIEC, JSCB Agrobank, and Standard Chartered are poised to deliver substantial economic benefits and innovative financial solutions to Uzbekistan, thereby contributing to the country's long-term economic resilience and prosperity”.

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About The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC)

ICIEC commenced operations in 1994 to strengthen economic relations between OIC Member States and promote intra-OIC trade and investments by providing risk mitigation tools and financial solutions. The Corporation is uniquely the only Islamic multilateral insurer in the world. It has led from the front in delivering a comprehensive suite of solutions to companies and parties in its 49 Member States. ICIEC, for the 16th consecutive year, maintained an "Aa3" insurance financial strength credit rating from Moody's, ranking the Corporation among the top of the Credit and Political Risk Insurance (CPRI) Industry. Additionally, ICIEC has been assigned a First-Time AA- long-term Issuer Credit Rating by S&P with Stable Outlook. ICIEC's resilience is underpinned by its sound underwriting, reinsurance, and risk management policies. Cumulatively, ICIEC has insured more than US$ 108bn in trade and investment. ICIEC activities are directed to specific sectors - energy, manufacturing, infrastructure, healthcare, and agriculture.

For more information, visit: http://iciec.isdb.org      

Media Contact
Rania Binhimd, Communication Department
Email: Rbinhimd@isdb.org